September 23, 2014Projection: $3B in Taxes if Every State Legalizes Cannabis
The liberalization of marijuana laws across the United States has led to increased tax revenue at the state and local level, but the amount generated so far is just the tip of the iceberg.
The financial site NerdWallet projects that marijuana sales would lead to more than $3 billion a year in state and local taxes if legalized across the country.
Topping the list ? not surprisingly ? is California, which could rake in almost $520 million a year in taxes if it legalizes marijuana sales, according to the site.
At the low end of the spectrum is North Dakota, which would generate just over $4 million in tax revenue for the state, according to the site.
The NerdWallet estimates are very thorough, complete with a chart that lists all 50 states? percentage of population over the age of 25 that has smoked marijuana in the past month, as well as an estimated marijuana smoking population per state.
The estimates assume an average 15% excise tax on sales in each state, and they incorporate existing medical cannabis revenue.